Common Body Corporate Management Firm Questions
If you're just about to become the owner of a set of flats, condos or some other residential housing complex or office complex, your business will be known as a body corporate, which is defined as any person who owns a subdivision or lot. As a body corporate you have to comply with a number of rules and regulations, which is why it's advisable for you to contract with a body corporate management firm like R. Jackson Pty Ltd. Here are the answers to some frequently asked questions.
What Type of Insurance Would You Advise a Person To Obtain? -- Although your individual needs may vary, many body corporate management firms advise that you obtain contents insurance for physical items such as office furniture, furnishing, carpets, curtains, floors, ceiling fans, air conditioning, and heating systems. You should also obtain public liability insurance that protects you in the event that you are sued for an accident, injury or death that takes place on property that you own. Body corporate documentation regulations require you to list all in-force insurance coverage at your annual corporate meeting.
What Is a Resident Manager? -- A resident manager is a professional that a body corporate management firm can hire on your behalf who can take care of all the day-to-day issues that crop up when you own an apartment complex or other type of housing subdivision. Resident managers often act as an intermediary between you and your residents, but your body corporate management firm can liaison directly with the resident manager to handle any issues you might have with that person's administration of day to day operations.
What Are the Main Duties of a Body Corporate Management Firm? -- A body corporate management firm handles a variety of issues on your behalf. For example, it can take help you register your body corporate by ensuring that all your by-laws are in order and that you have obtained the required insurance coverages. These firms can also offer inspection services to determine whether your business has complied with all the safety regulations necessary under the existing laws. A body corporate management firm can also set up all your committee meetings, including emergency meetings, run the meetings if you are unable to attend, and issue all notices that are relevant to a meeting that was held. They can also supervise your body corporate bank account and make any payments required for things such as maintenance, and they can also establish your annual budget and help you with financial outlays such as payroll taxes and other corporate debts.